Pinterest shares dropped 15% after missing Q3 earnings estimates. Sales grew 17% YoY with $1.05 billion in revenue. Net income was $92.11 million, a 201% increase YoY. Q4 revenue outlook is $1.31-$1.34 billion. Pinterest recorded 600 million MAUs in Q3, surpassing estimates. CEO attributes success to AI investments.

Tech giants Meta, Alphabet, and Amazon reported strong digital ad sales in their recent earnings reports. Meta’s Q3 revenue, mostly from online ads, grew 26% YoY to $51.24 billion. Amazon’s online ad unit saw a 24% YoY increase to $17.7 billion. Alphabet’s ad sales totaled $74.18 billion, up nearly 13% from a year ago. YouTube’s online revenue rose 15%.

Reddit reported Q3 earnings with sales up 68% YoY to $585 million. Global daily active users increased 19% YoY to 116 million, surpassing estimates. Snap is set to report quarterly results on Wednesday. Pinterest CEO cites AI and product innovation for the platform’s success.

Read more at CNBC: Pinterest shares plummet 15% on earnings miss, weak forecast